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Recent Posts in Assignments, generally Category

BUY ME OUT!

When Ann Holdings, LLC, decided to sell its condo unit, the building’s board opted to exercise its right of first refusal, and then assigned that right to MS6TC, LLC, a company whose principal ...
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THIS IS NOT AN ILLUSION

After 333 East 49th Partners sought to evict "subtenant" Majorie Siebert, the latter asserted an "illusory tenancy" defense and claimed to be the "real" regulated tenant. When the New York County ...
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THERE'S GOLD IN THEM CLAUSES

In 216 Jamaica Avenue, LLC v. S & R Playhouse Realty Co., the parties disputed the enforceability of a lease's "gold clause." The 1912 agreement's original term was for 99 years, with an option to ...
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PROTECTING TENANTS IN A SOFT MARKET

"What should landlords and tenants be thinking about in this depressed-market environment?" It's a question we're asked virtually every day. Our firm's transactional counsel, Robert C. Epstein, has ...
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ASSIGNMENT OF LEASE DID NOT STOP HOLDOVER

In Bailey v. Suarez, the tenant sought to dismiss a residential holdover proceeding on the grounds that the building's leases had been assigned to a lender as security for a mortgage and that the ...
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BERNIE THE BAGEL MAN, GETS SCHMEARED

Just because someone is found to have breached an agreement with you doesn't mean you'll recover anything. You've got to be able to prove -- to a judge's satisfaction -- damages were suffered. By way ...
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VIOLATION OF USE CLAUSE LEADS TO TENANCY'S TERMINATION

Most leases have "use clauses" -- provisions which govern what a tenant may do with its space.* By way of example, owners of residential buildings will ordinarily prohibit commercial ...
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ASSIGNING A COMMERCIAL LEASE

Absent some prohibition or restriction, most contracts -- including commercial leases -- are freely assignable.* As a result, lease forms will typically discourage transfers of all or part of a ...
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ESTOPPEL CERTIFICATES: A TENANT'S BEST FRIEND

In the commercial context, purchasers, lenders, landlords, and even assignees or subtenants, will typically ask for an "estoppel certificate," a written document signed by a landlord or ...
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